the world are switching to forex because of the many advantages of the forex market. Many day traders also place trades in the hour leading up to the open, called the pre-market. This takes a bit more research and digging each day. Consider day trading a global commodity which sees movement around the clock, or futures associated with Europe or Asia. For example on the 1999 bull market fueled by the dot com bubble there are at least 3 or 4 well known examples of people who took a 30-100K capital and turned it into 5-10 millions dollars within a single year. Lots of currency pairs to day trade, although it's recommended new day traders stick to the eurusd or gbpusd. What is the fundamental difference that makes the get rich quick phenomena so common in stocks and practically null in forex?
Forex trades 24-hours a day from 5 PM EST on Sunday to 5 PM EST on Friday. Not all these times are ideal for day trading though. Forex is flexible in that you can trade outside of US market hours; that helps if you have another job during normal business hours. Finding success in the stock market can be difficult. Luckily, theres a better way.
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Minimum required starting capital is 25,000 to day trade US stocks. This provides some flexibility if you are unable to trade during the ideal day trading times for. In forex trading you are speculating about the appreciation of a countrys currency against another. Eight major S P 500 stocks account for just. If you don't have 30,000 then you'll likely want to consider forex or futures, which require less capital. If a person wants to get rich quick and out of chance, then stocks would be the way to go, in stocks you can even do research of the companies and identify those that yield some potential meaning that you could effectively take the same.
If you can't trade between the hours of 8:30 to 10:30, or 9:30 to 10:30 AM and/or 3 to 4 PM EST, then your trading efforts won't be as efficient as they could. If you compare the number of rare quick rich cases which have generated fortunes due to what many would consider simple luck the cases in the stock market are quite common while the cases in forex trading are non-existent (at least I couldnt find any). With forex, youll discover 24-hour trading and high turnover volume.
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